HWZ Forums

Login Register FAQ Mark Forums Read

Is CPF a PONZI SCHEME?

Like Tree2Likes
Reply
 
LinkBack Thread Tools
Old 24-02-2012, 03:02 PM   #91
Arch-Supremacy Member
 
Join Date: Nov 2000
Posts: 10,106
It is more of the unfairness towards the staffs of CPF who have done all the works, accounted for every penny, get it audited by external independent auditors and then being accused of cooking the book?

Very sian isn't it?
Tell that to NKF staff. I recall, their auditors gave them a clean bill of health.............b4 the scandal.........
__________________
平淡中见神奇, 贫困中见富裕
xdivider is offline   Reply With Quote
Old 24-02-2012, 03:35 PM   #92
Supremacy Member
 
Join Date: Oct 2007
Posts: 6,877
Cham.... last time still need to go library and find out. now easily can find in internet and people do not bother.
and then start to accuse...

http://mycpf.cpf.gov.sg/NR/rdonlyres...Statements.pdf
Honestly didn't know (also didn't know can find from internet) that's why I wonder lor.. (And from what I read, the amount they have in there is impressively huge!)

Anyway the best way to convince people that their fund is truely there is to just let people draw the full amount upon their retirement--instead of introducing some "minimum sum" restriction lor. On one hand govt say oh people cannot expect govt to be "nanny", on the other, govt insist on playing nanny when it comes to their money (CPF)?
NTB2DO is offline   Reply With Quote
Old 24-02-2012, 03:41 PM   #93
High Supremacy Member
 
cancer81's Avatar
 
Join Date: Nov 2007
Posts: 39,037
Tell that to NKF staff. I recall, their auditors gave them a clean bill of health.............b4 the scandal.........
that one was not really a case of cooking the books

Durai misused his position and gave contracts to a company he is connected to... which failed to deliver on the project

the stuff like using a gold plated tap? morales is not something the auditors check iirc
__________________
不会自动变好
日本那么大, 钱包那么小!
cancer81 is offline   Reply With Quote
Old 24-02-2012, 03:57 PM   #94
High Supremacy Member
 
cancer81's Avatar
 
Join Date: Nov 2007
Posts: 39,037
so whats the best way to stamp out conspiracy theories and rumors?

Total Transparency

So far we have yet to see it happening.

So far no one knows whether if someone else take over the government will do what the previous one is doing or will be transparent.

thus i said all political parties are the same, 换汤不换药.
there is more to this...

declaring what stuff a public fund is investing into will have a very big impact on the markets.

instead of giving you peace of mind, the government will destabilise the market.... if you believe me that is...
__________________
不会自动变好
日本那么大, 钱包那么小!
cancer81 is offline   Reply With Quote
Old 24-02-2012, 03:58 PM   #95
Arch-Supremacy Member
 
Join Date: Nov 2000
Posts: 10,106
that one was not really a case of cooking the books

Durai misused his position and gave contracts to a company he is connected to... which failed to deliver on the project

the stuff like using a gold plated tap? morales is not something the auditors check iirc
Even last year, when the Ministry of Health asked KPMG to do an ad-hoc review of the NKF’s tax-deductible receipts, the audit firm found no large-scale weaknesses, he said. This year, in contrast, KPMG dug up a history of atrocious governance during its extensive independent probe into the organisation’s internal processes. The auditor had been engaged by the NKF’s new board after some shocking revelations about the practices of former chief executive T T Durai.
From none to have. I remember one of them is the all expense trip to Vegas. My point is nothing is a replacement for true transparency where every deals is laid bare. Short of that you depend on the integrity of the auditee. Once that is lost, even a change in mgt wun bring back confidence..........
__________________
平淡中见神奇, 贫困中见富裕
xdivider is offline   Reply With Quote
Old 24-02-2012, 04:00 PM   #96
High Supremacy Member
 
cancer81's Avatar
 
Join Date: Nov 2007
Posts: 39,037
Honestly didn't know (also didn't know can find from internet) that's why I wonder lor.. (And from what I read, the amount they have in there is impressively huge!)

Anyway the best way to convince people that their fund is truely there is to just let people draw the full amount upon their retirement--instead of introducing some "minimum sum" restriction lor. On one hand govt say oh people cannot expect govt to be "nanny", on the other, govt insist on playing nanny when it comes to their money (CPF)?
there is an easy answer to that question

the state does not want to take care of penniless seniors who spent all their monies. Even with minimum sum, plenty are getting cheated of their CPF money...

plenty of these people actually feel that someone failed to protect them...

and we start the social safety net debate all over again
__________________
不会自动变好
日本那么大, 钱包那么小!
cancer81 is offline   Reply With Quote
Old 24-02-2012, 04:02 PM   #97
High Supremacy Member
 
cancer81's Avatar
 
Join Date: Nov 2007
Posts: 39,037
From none to have. I remember one of them is the all expense trip to Vegas. My point is nothing is a replacement for true transparency where every deals is laid bare. Short of that you depend on the integrity of the auditee. Once that is lost, even a change in mgt wun bring back confidence..........
all systems are only as strong as the people implementing them

can't say more
__________________
不会自动变好
日本那么大, 钱包那么小!
cancer81 is offline   Reply With Quote
Old 24-02-2012, 04:04 PM   #98
Arch-Supremacy Member
 
goenitz33's Avatar
 
Join Date: Sep 2007
Posts: 15,305
there is more to this...

declaring what stuff a public fund is investing into will have a very big impact on the markets.

instead of giving you peace of mind, the government will destabilise the market.... if you believe me that is...
It is a what if effect, it might or might not happen.

Besides this particular public fund is supposed to be invested in extreme low risk and stable government bonds, technically speaking, it will not affect much even if it is known.

越黑暗的事,就越需要掩饰
goenitz33 is offline   Reply With Quote
Old 24-02-2012, 04:09 PM   #99
High Supremacy Member
 
cancer81's Avatar
 
Join Date: Nov 2007
Posts: 39,037
hey you ask me there are other stuff that I want to be taken out of the black box...

like the various employment passes application process and PR/citizenship application

it is also a widely accepted fact that you cannot just have CPF alone... I think there are more important stuff that is "kept under wraps"
__________________
不会自动变好
日本那么大, 钱包那么小!
cancer81 is offline   Reply With Quote
Old 24-02-2012, 04:11 PM   #100
Supremacy Member
 
Join Date: Oct 2007
Posts: 6,877
there is an easy answer to that question

the state does not want to take care of penniless seniors who spent all their monies. Even with minimum sum, plenty are getting cheated of their CPF money...

plenty of these people actually feel that someone failed to protect them...

and we start the social safety net debate all over again
Ya lah, after all that has been their official justification all along lor..

But the question is, how "plenty" is thier "plenty"? 50%, 20%, or just 2%?
NTB2DO is offline   Reply With Quote
Old 24-02-2012, 04:33 PM   #101
Arch-Supremacy Member
 
goenitz33's Avatar
 
Join Date: Sep 2007
Posts: 15,305
hey you ask me there are other stuff that I want to be taken out of the black box...

like the various employment passes application process and PR/citizenship application

it is also a widely accepted fact that you cannot just have CPF alone... I think there are more important stuff that is "kept under wraps"
Yes there are alot of stuff.

Privatization is one of the ways of keeping things under wrap.

However 纸是包不住火的, the day will come where everything will be unraveled. That time i can only say good luck to whoever that took over and is cleaning up their ****.
goenitz33 is offline   Reply With Quote
Old 25-02-2012, 12:15 AM   #102
Member
 
Join Date: Jun 2001
Posts: 405
Nope, when you die, your children and spouse get your CPF in CASH and not into their CPF account
I believe you are referring to the current CPF scheme?

For the current CPF scheme, you can make a nomination or if there are no nominees, your CPF will be distributed in cash according to Singapore inheritance law or something.

For CPF Life, there are two options. You either make a nomination for cash or CPF. With the new option, upon death your CPF bequest (if you even have any) will be transferred to your nominee's CPF account. There are no reference on which option is the default choice if the decease did not make a nomination beforehand. The most obvious course of action will be to transfer the CPF bequest to their relative's CPF account unless a nomination is made with bank account details of the nominees, no?
HunterXtreme is offline   Reply With Quote
Old 25-02-2012, 12:35 AM   #103
Member
 
Join Date: Jun 2001
Posts: 405
It is more of the unfairness towards the staffs of CPF who have done all the works, accounted for every penny, get it audited by external independent auditors and then being accused of cooking the book?

Very sian isn't it?

I'm not sure if you have heard of the fall of the great barrings bank? They passed their audits and a few years later, everything went down the drain. How about that UBS trader who loss billions and auditors did not smell a thing until he surrendered himself?

Audits are not 100% fail safe. Remember the SLA guy driving lamborghini and ferrari? The NKF CEO that flew first class, awarded contract to his own company and the scandals with SCDF, CNB? How did all that happen even with audit?
HunterXtreme is offline   Reply With Quote
Old 25-08-2017, 02:15 PM   #104
Supremacy Member
 
axxomarketing's Avatar
 
Join Date: Oct 2009
Posts: 5,095
at least in this thread there are ppl who dun realise CPF is mandatory for employers too. they are so ignorant they only think about the part of their own salary retained and nothing else.
lol.. of course this is coming from your salary, duh! before employers hire u, they would calculate the total cost (your salary + employer cpf + benefits). that's ur overall package, u idiot.
__________________
TRUTH ON GETTING GIRLS => http://i.imgur.com/yavsjmC.jpg
axxomarketing is offline   Reply With Quote
Reply
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On